Meta Joins the Crypto Open Patent Alliance to Support Open Source Technology

Meta has decided to join the Crypto Open Patent Alliance (COPA), vowing to start making its fundamental crypto patents available to all. Among those who have joined the group are Coinbase, Uniswap, Kraken, Block, and MicroStrategy.

Meta, the parent organization of Facebook, has also decided to join the Crypto Open Patent Alliance (COPA), a group advocating for accessible patents in crypto and blockchain technologies. On January 31, the group issued a statement greeting the social media behemoth and announcing that Shayne O’Reilly will indeed portray Meta. Meta, as a COPA member, would not start enforcing core cryptocurrency patent protection against anyone, with the exception of defensive purposes. This implies that any patent rights not covered by this circumstance will be available for use by anyone.

Meta’s involvement in the crypto world has already been evident over the last few years. Initially, there was its Diem project, which occurred prior to its relaunch to Meta. Its main focus is on the metaverse and NFTs, but it’s evident that many more are on the way.

Twitter co-founder Jack also weighed in on the advancement, merely stating “this is great” in a Twitter post. Jack has indicated that the crypto industry is best served by having to cater to the best interest of everybody, not only the wealthy.

COPA regards itself as the leading cryptocurrency patent alliance, with the goal of creating an open-source environment and protecting key technologies for any and all customers.

In its cross-industry collaborative effort initiative, it is working in collaboration with financial services firms, cryptocurrency businesses, and established firms. Block, Coinbase, Kraken, MicroStrategy, and Uniswap are among the more than 30 members.

Meta’s move to sell assets out of its Diem initiative has resulted in some advancement. The company stated that it intended to sell the stablecoin project and its assets in late January 2022 and was seeking purchasers. The decision to sell Diem was primarily motivated by regulatory challenges.

Silvergate, a financial infrastructure solutions company in the digital assets market, announced on January 31 that it had acquired Diem’s intellectual property as well as other assets. It intends to use this technique to construct a stablecoin issued by Silvergate for payment systems.

Meta will now focus its efforts on the metaverse, on which it is currently working hard. In order to scale up its efforts, the business is said to have poached hundreds of employees from Microsoft.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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